Will banks disappear because of cryptocurrency? - page 7.

lobo13hf

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Quote from: imstillthebest on February 23, 2019, 01:40:04 AM

Quote from: Musia on February 23, 2019, 01:35:35 AM

Quote from: senin on February 23, 2019, 12:52:20 AM

I unequivocally state that with the advent of cryptocurrency, banks will not disappear anywhere and will continue to exist in their usual mode. State banks are actually part of the state itself, they participate in the implementation of various government programs and serve the financial side of government. Therefore, as long as there are different states, there will be banks.

A clear and competent answer to the question. Cryptocurrency can become part of financial transactions in banks, but it is simply impossible to replace the functionality of the banks themselves, it is enough to understand what banks are doing and everything will become clear

Crypto didnt said that they will replace banks . its just people are too genius enough to see the posibility that a bank could dissapear due to the usefulness of cryptos . i agree on you mate , banks do have its own unique usage and that cant simply copy by any crypto not even eth and bitcoin . crypto can dissapear but banks not .

People are thinking if the crypto bring the new design of the currency and they have been betting on that thing. Blockchain was using peer to peer system that can eliminate 3rd party. They are seeing this as an opportunity to replace bank and its fiat money.

SistaFista

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Quote from: Mr.frost on July 19, 2018, 02:09:36 AM

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?

Feel free to drop your comments here.thanks

I don't think that will be happening in the near time because there are many peoples still prefer bank than crypto.
It can be happened if only the cryptocurrency usages has been accepted globally.
Until now, there are many countries in the world that prohibit their peoples to using cryptocurrency.

harrypotpot

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No, maybe blockchain adoption will going to be implemented by the banks here. They might utilize the use of cryptocurreny to their transaction. Or maybe to create cryptocurrency atm for their transactions.

joybella

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No. Banks will always be here until the end of times. Not everyone will use cryptocurrency in their daily monetary lives the non knowledgeable merchant out there will always prefer his cash to some cryptocurrency he has no knowledge of.

imstillthebest

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Quote from: Musia on February 23, 2019, 01:35:35 AM

Quote from: senin on February 23, 2019, 12:52:20 AM

I unequivocally state that with the advent of cryptocurrency, banks will not disappear anywhere and will continue to exist in their usual mode. State banks are actually part of the state itself, they participate in the implementation of various government programs and serve the financial side of government. Therefore, as long as there are different states, there will be banks.

A clear and competent answer to the question. Cryptocurrency can become part of financial transactions in banks, but it is simply impossible to replace the functionality of the banks themselves, it is enough to understand what banks are doing and everything will become clear

Crypto didnt said that they will replace banks . its just people are too genius enough to see the posibility that a bank could dissapear due to the usefulness of cryptos . i agree on you mate , banks do have its own unique usage and that cant simply copy by any crypto not even eth and bitcoin . crypto can dissapear but banks not .

Musia

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Quote from: senin on February 23, 2019, 12:52:20 AM

I unequivocally state that with the advent of cryptocurrency, banks will not disappear anywhere and will continue to exist in their usual mode. State banks are actually part of the state itself, they participate in the implementation of various government programs and serve the financial side of government. Therefore, as long as there are different states, there will be banks.

A clear and competent answer to the question. Cryptocurrency can become part of financial transactions in banks, but it is simply impossible to replace the functionality of the banks themselves, it is enough to understand what banks are doing and everything will become clear

iv4n

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Quote from: senin on February 23, 2019, 12:52:20 AM

I unequivocally state that with the advent of cryptocurrency, banks will not disappear anywhere and will continue to exist in their usual mode. State banks are actually part of the state itself, they participate in the implementation of various government programs and serve the financial side of government. Therefore, as long as there are different states, there will be banks.

You are wrong, and anyone who claims that banks will continue to exist in their usual mode is wrong. They will need to adapt, look JP Morgan and their decision to start their own crypto coin. Banking sector is huge, we can`t imagine how big they are and how much global money is controlled by them, but crypto is taking pieces of that everyday. Banks will have to transform the way they operate, and some of them will disappear. Not everyone finds a way to deal with new technologies and progress. In 10 or more years banks will have different purpose and different look, mark my words.

senin

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I unequivocally state that with the advent of cryptocurrency, banks will not disappear anywhere and will continue to exist in their usual mode. State banks are actually part of the state itself, they participate in the implementation of various government programs and serve the financial side of government. Therefore, as long as there are different states, there will be banks.

ringgo96

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The bank system will still run. but also it is not impossible that later the existence of cryptocurrency will also provide new innovations, it all depends on the community whether they prefer cryptocurrency or banks.

bitcoinm3ster

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I think the bank will not disappear, it will survive together with cryptocurrency and use it for improve themself

Cemploon

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I don't think it will affect the Bank. Banks are increasingly developing and trusted by people all over the world. Whereas Cryptocurrency is a business industry with Blockchain technology. I think their system is different and this Cryptocurrency still has many disadvantages.

Malam90

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Quote from: Mr.frost on July 19, 2018, 02:09:36 AM

This really what I keep on asking myself since we all know that cryptocurrency dominates the bank as time pass by. I wonder will it result to total collapse of bank industry?

Feel free to drop your comments here.thanks

Bankers will not disappear due to the increasing popularity of cryptocurrency. Cryptocurrency has brought a change in the mind of the bankers that blockchain technology is crucial for bankers. Now banking sectors are adopting this technology into their banking purposes. Banks will alive but crypto will survive with its dominance in the virtual currency world.

Bitfling

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Quote from: belingbanged on February 22, 2019, 11:33:32 AM

Banks still dominate until now and with the presence of Cryptocurrency it has no impact on the growth of the Bank. Cryptocurrency does have very good technology and in this modern era technology has become very popular. I am sure if the Bank will not be replaced, Crypto also continues to run.

Bank and crypto will run side by side. Banks always needed in any economic system. With saving and lending system, banks dominant in economic system and hard to replace. If blockchain technology more advance, banks must be adapting with crypto and will use blockchain technology on banks bussiness

abake

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No, Banks will never disappear because of cryptocurrency. Both banks and cryptocurrencies are important. Have you wondered the essence of XRP's cross boarder payments for instance? Banks are very important, there is no way you can remove banks out of the picture. What you should be talking about is banks harnessing blockchain technology. The recent rumor of JP Morgan is an example.

reality18

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Quote from: Nwankwobtt on February 22, 2019, 07:12:41 PM

I think that banks will rather integrate their centralized banking system to blockchain to accommodate the rapid changes in future. It is only wise they do so as more and more people find and learn about cryptocurency and adoption becomes imminent

The banks will strategize their services in a way that will satisfy their clients and win back their interests. In order to achieve this, the banks will adopt the technology of Blockchain and cryptocurrency and utilize. Although they cannot have full access to transactions but they will know all their clients and wallets through KYC.

Nwankwobtt

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I think that banks will rather integrate their centralized banking system to blockchain to accommodate the rapid changes in future. It is only wise they do so as more and more people find and learn about cryptocurency and adoption becomes imminent

quarkyplum

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Quote from: jpoker272727 on February 22, 2019, 11:38:05 AM

Banks will not be gone because of cryptocurrency.
All they need to do is change their way on having the business. remember that if you can't beat your enemy join them.
Therefore all they need to do is adopt the new system and they will stay!

I think the bank in the future is hard for survive when the online payment is the trending. In my country, the money transfer to aboard in the bank is complicated and long-time waiting. I think if cryptocurrency improves in the future, the high chance people will switch to this currency and the bank is going to disappear.

tbossmitche

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I have actually seen similar topics a number of times on this forum before now. As much as Bitcoin fanatics look forward to a time when banks will actually be rendered obsolete. What I can tell you with a degree of certainty is that this is not going to happen. No matter how cryptocurrencies actually get accepted, fiat will still have it's role to play in everyday exchange of goods and services. Cryptocurrency also would not be able to push out fiat and the banking system because a large percentage of the world still won't have access to the devices needed to transfer and receive cryptocurrencies.

Adriano2010

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No banks will not dissappear because of cryptocurrency, at least not so soon, but maybe over 20 years or later, or maybe they will not dissappear even if time passes because governments will want to have them and control them more easy then crypto.

high110

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I think no. Most likely the banks will simply be able to adapt. Some banks are already making deposits in cryptocurrency. Just this will happen more and more. It will be like this: it seems people will have cryptocurrency, but private keys will be kept by banks)

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